"Today’s GDP number
shows that the recovery which began in the third quarter of 2009 is
continuing. Increases in net exports and consumer spending helped
to boost growth in the fourth quarter. For all of 2010, GDP grew at 2.9
percent, compared to a decrease of 2.6 percent in 2009.

“The economy has now
experienced six consecutive quarters of positive GDP growth. It’s clear that we’ve come a long way in the past 18 months and the economy is
on much sounder footing than it was in mid-2009.”

Highlights from the
quarter include:

Personal consumption increased 4.4
percent in the fourth quarter, up from a 2.4 percent increase in the third
quarter.

Exports of goods and services grew
8.5 percent in the fourth quarter, compared to a 6.8 percent increase in
the third quarter.

Real imports of goods and services
decreased by 13.6 percent in the quarter, after increasing by 16.8 percent
in the third quarter.

“But even with this
progress, the labor market has been slow to recover. The national
unemployment rate in December was 9.4 percent and almost 14.5 million
Americans, including more than half a million in Pennsylvania, remain out of
work.

“We need to foster job
creation and help people build new skills and get back to work.
Investments in workers, our children and the nation’s infrastructure are vital
to our future and long-term economic health. With the fiscal
challenges facing the country, it’s imperative that these investments be
cost-effective, delivering significant returns.

“The growth in GDP can be
linked to an increase in exports of American-made products and an increase in
Americans buying American-made products. As Chair of the JEC, I will
focus on examining policies that will continue to promote American
manufacturing.

"Our economy is
getting stronger, but Congress must stay focused on creating jobs and ensuring
that the growth continues in the coming quarters and beyond.”

###

The Joint Economic Committee, established under the
Employment Act of 1946, was created by Congress to review economic conditions
and to analyze the effectiveness of economic policy.www.jec.senate.gov